Mind Cure Enters LOI To Acquire Ephiphany360 Digital Therapeutics Platform
Mind Cure Health (CSE: MCUR) is getting into the digital therapeutics space. The company announced this morning that it entered into a non-binding letter of intent late last week to acquire Ephiphany360. Ephiphany360 is a digital, cloud-based platform focused on treating mental health.
The platform is designed to co-ordinate care between health practitioners, such as therapists, and doctors, as well as patients themselves to assist in the treatment of mental health. Ephiphany360 is designed to monitor, collect, and generate evidence based insights that is focused on optimizing treatment and improving patient outcomes.
With the platform clinically validated on more than 10,000 patients, the tech is powered by data that is said to compare treatments and outcomes in patients, which works to continuously improve the accuracy of unique patient care options. Four feasibility studies related to the tech are said to currently be underway, with the data being collected to be used as part of Ephiphany360’s application to the FDA for clearance as a Class II medical device.
“We are accelerating our move into digital therapeutics with the Epiphany360 platform to bring evidence-based insights in the diagnoses and treatment of patients suffering from mental health related illness. Technology innovation has a key role to play in modern healthcare as we look to find new and more effective ways to treat mental health. Epiphany360 will enable Mind Cure to more effectively create and evaluate products, drugs and therapies.”
Philip Tapley, Mind Cure Chairman, President, and CEO
Under the current terms of the non-binding letter of intent, Ephiany360 is to be acquired for $2.0 million, to be paid in common shares of Mind Cure. Shares are to be issued based on the ten day volume weighted average price , with shares subject to an escrow agreement upon closing. The escrow arrangement provides for 15% of the shares to be released immediately, with the remainder to be released in six equal installments, with each installment occurring every six months.
Mind Cure Health last traded at $0.71 on the CSE.
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